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re:PDX is presented by Claire Widmark, broker affiliated with M Realty LLC in Portland, Oregon.
Phone: 971-275-3691
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Portland Real Estate Market Activity – December 2010
On a somewhat surprising end to 2010, December home sales in Portland perked up, registering the highest number of closed sales since the tax-credit-fueled binge in May/June. For the year, unit home sales were virtually unchanged versus 2009, although the total dollar volume of sales dipped 3.7%.
Average home prices slipped 2.7% when compared to 2009; the median prices fell 2.9%. Not all market areas fared the same. Northeast and Southeast Portland saw -1.4% changes in annual average price. Suburban markets like Lake Oswego / West Linn (-10.4%), Milwaukie / Clackamas / Happy Valley (-9.7%), and Oregon City / Canby (-9.4%) suffered higher declines when comparing 2010 to 2009.
On a month-to-month basis, average sale prices are bouncing up and down around the $275,000 mark, but the median (middlemost) value fell to $230,000–the lowest mark since May of 2005.
The December spike in sales, paired with an annual low of available homes for sale, reduced the inventory to about 8 months’ available supply. Five to six months is a balanced supply looking at a buyers’ vs. sellers’ market.
Coming next, I’ll be looking at the 10-year trends in the Portland real estate market. It’s been an interesting decade. Stay tuned.
December 2010 statistics below:
Market Summary
| December 2010 | Last Month - November 2010 |
Last Year - December 2009 |
|
| Median Sale Price | $230,000 | $233,000 | $242,200 |
| Average Sale Price | $278,000 | $271,900 | $293,300 |
| Closed Sales | 1,462 | 1,279 | 1,506 |
| Pending Sales | 1,426 | 1,426 | 1,141 |
| New Listings | 1,925 | 2,473 | 2,104 |
| Active Listings | 11,611 | 13,103 | 11,597 |
| Total Market Time * | 145 days | 140 days | 144 |
| Inventory (in months) | 7.9 | 10.2 | 7.7 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and the appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $435,400 | $385,000 | -10.4% | 157 |
| West Portland & Downtown | $410,200 | $340,000 | -2.3% | 183 |
| NW Washington County | $364,300 | $336,700 | -1.1% | 144 |
| Tigard / Tualatin / Sherwood / Wilsonville | $304,400 | $275,000 | -3.6% | 168 |
| Northeast Portland | $283,500 | $247,000 | -1.4% | 98 |
| Milwaukie / Clackamas | $259,900 | $239,800 | -9.7% | 143 |
| Oregon City / Canby | $252,900 | $229,000 | -9.4% | 155 |
| Southeast Portland | $237,500 | $205,400 | -1.4% | 117 |
| Beaverton / Aloha | $235,600 | $214,200 | -2.3% | 139 |
| North Portland | $230,300 | $224,900 | -2.5% | 105 |
| Hillsboro / Forest Grove | $226,200 | $208,000 | -6.9% | 147 |
| Yamhill County | $219,400 | $194,800 | -3.4% | 210 |
| Gresham / Troutdale | $213,000 | $200,000 | -4.1% | 146 |
| Columbia County | $181,000 | $173,500 | -6.3% | 147 |
Market data courtesy of RMLS, December 2010.
Comments
One Response to “Portland Real Estate Market Activity – December 2010”
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Thanks for the work on this Ron. We in the home inspection industry are equally attentive to the numbers. Great Post!